XML 29 R13.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Property and Equipment | 12 Months Ended
--- | ---
Dec. 31, 2017
Property, Plant and Equipment [Abstract] |
Property and Equipment | NOTE E – PROPERTY AND EQUIPMENT Property and equipment consist of the following:
|  | December 31, 2017 |  |  | December 31, 2016 |
Marine asset held for sale |  |  | — |  |  |  | 416,329 |
Computers and peripherals |  |  | 1,278,461 |  |  |  | 1,281,469 |
Furniture and office equipment |  |  | 2,625,028 |  |  |  | 2,576,222 |
Marine equipment |  |  | 12,835,409 |  |  |  | 13,331,008 |
|  |  | 16,738,898 |  |  |  | 17,605,028 |
Less: Accumulated depreciation |  |  | (16,145,082 | ) |  |  | (15,809,774 | )
Property and equipment, net |  | $ | 593,816 |  |  | $ | 1,795,254 |
During May 2016, we sold our vessel, Odyssey Explorer, for $200,000 in cash and a smaller vessel as consideration. The vessel received was valued at $350,000, based on management’s best estimate at that time, considering its physical condition and the prevailing market. Subsequent to taking ownership of this vessel, we capitalized $66,329 of costs in order to prepare the vessel for sale. During the three-months ended June 30, 2017, we sold this marine vessel to a related party, Monaco Financial, LLC, for $650,000. The consideration for this vessel was applied against our loan balance to Monaco in the amount of $650,000, see NOTE I. During 2016, we sold marine operational assets for a gain of $992,595 of which $792,595 is non-cash. The non-cash gain portion is a result of receiving the in-kind asset earlier noted and the relief of trade related debt. The gain of $992,595 is included in Gain on sale of marine assets in our Consolidated Statement of Income in the relevant period.

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration